The transaction is the largest in the history of Russia’s
banking system. The total sum of the loan includes interest rate
and comes to 7.70% of Rosenft assets, valued as of September 30,
2012. An annual session of the firms board of directors approved
the deal in June 2012, but only finally hammered it out on March
18, 2013.

Rosneft has been massively borrowing from all possible lenders
recently, as it gets ready to finalize the acquisition of TNK-BP,
the third largest oil company in Russia. The deal is estimated at
$45.1 billion and is supposed to be completed during the second
quarter of 2013.

Over the past four months Rosneft borrowed more than $30 billion
from various international banks from America to China. Rosneft
also secured $10 billion in advance payments from trading companies
Vitol and Glencore and agreed to ship up to 67 million tonnes of
oil over 5 years in return. The first such shipment is scheduled to
take place in 2013. Under the deal crude could be replaced by
petroleum products.

After the acquisition is completed Rosneft will become the
world’s largest energy company in terms of liquid hydrocarbons
extraction. It’s also set to be the third largest by
estimated net profit, standing at $21.46bn, though lagging behind
Exxon Mobil at $41.06bn and Chevron with $26.9, as calculated by
the Russian based RBC news agency.